10Y Treasury Yield - Historical Chart
Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity. Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series DGS10. Shaded areas = NBER recession dates. Updated 2026-03-09.
What the Mar 2026 Data Shows
At 4.13%, the 10y treasury yield in Mar 2026 is above the 10-year average of 2.73% by 1.40pp. The reading has been mixed recently, fluctuating without a clear directional trend over the past 6 months.
What This Metric Measures
This page tracks the yield on U.S. Treasury securities with a 10-year maturity, considered the benchmark risk-free rate for long-term borrowing in the U.S. economy. The data comes from the Federal Reserve Bank of St. Louis FRED database, series DGS10, updated daily.
Historical Context
The all-time peak was 15.84% in Sep 1981 — roughly 3.8x the current level. The all-time trough was 0.52% in Aug 2020. During COVID-19 in 2020, the reading hit 1.88% (Jan 2020). Year-over-year, the metric has moved -2.1%.
Why It Matters
The 10-year Treasury yield is the benchmark for mortgage rates, corporate bond pricing, and long-term business borrowing costs. When the 10-year rises, fixed-rate mortgage rates follow within days. Companies paying 10Y+300bp on their term loans see immediate cost increases on new issuance.
What This Means for Business Owners
Understanding where this metric stands relative to historical norms helps business owners make better borrowing decisions. Metrics far from their 10-year average often signal turning points that affect the cost and availability of credit.
10-Year Treasury Rate - Frequently Asked Questions
The 10-year Treasury yield is 4.13% as of Mar 2026 per FRED series DGS10. This is the constant-maturity yield, which the Treasury Department calculates from the daily yield curve.
The 30-year fixed mortgage rate typically trades at a spread of 150-250bp above the 10-year Treasury yield. When the 10-year is at 4.13%, expect mortgage rates in the 4.13+1.7 to 4.13+2.5% range, all else equal.
Corporate bonds are priced relative to Treasuries. A company borrowing at '10Y+300bp' pays the 10-year rate plus 3%. When the 10-year yield rises from 3.5% to 4.5%, that company's borrowing cost jumps from 6.5% to 7.5%.
The all-time peak was 15.84% in Sep 1981 during the Volcker era of aggressive interest rate hikes to combat inflation. Modern-era yields have ranged from under 1% (2020) to over 5% (2023).
Inflation expectations, Federal Reserve policy, economic growth outlook, Treasury supply (government deficit spending), and global demand for safe assets all drive the 10-year yield. It is a market-determined rate, not directly set by the Fed.
FRED series DGS10, updated daily. The U.S. Treasury publishes constant-maturity rates based on the daily yield curve of actively traded securities.